GMR Q2 consolidated loss narrows to Rs 404 crore

Total revenue for the quarter was down nearly 13% to Rs 1,974 crore as compared to Rs 2,264 crore for the second quarter in FY17

GMR Infrastructure Limited on Wednesday said it suffered a loss of Rs 404.46 crore on consolidated basis for the quarter ended September 30, as against Rs 893.37 crore loss during the corresponding quarter last year.

According to a statement issued by the infra major, its total revenue for the quarter under discussion was down nearly 13 per cent to Rs 1,974 crore as compared to Rs 2,264 crore for the second quarter in FY17.

The airports segment reported a profit of Rs 282 crore during the quarter while the power vertical suffered a loss of Rs 219 crore.

The group operates two international airports in India and one in Philippines.

The traffic at Delhi Airport increased to 31.16 million during the first half of the year from 27.66 million during the same period of FY17, showing growth of 13 per cent, as per the statement.

Besides, the traffic at Hyderabad Airport registered 18 per cent growth to 8.50 million in the first six months of the current financial year.

The passenger traffic at Cebu Airport in Philippines increased to 5.13 million during H1FY18 from 4.51 million in H1FY17 (a growth of 14 per cent), it said.

GMR Hyderabad International Airport successfully raised USD 350 million bond with a tenor of 10 years having a coupon of 4.25 per cent per annum, it further said.

The proceeds of the offering will completely refinance the bank term loans and the ECB loan at Hyderabad Airport, the infra major said.

Buoyed with improved coal prices and increased volume, Golden Energy Mines (JV between GMR and Sinarmas Group) in Indonesia recorded a profit of Rs 341 crore for H1FY18 as against Rs 25 crore for the corresponding period last year.

GMR's shares were trading at Rs 16.45 apiece, down 7.84 per cent over previous close at 1525 hours on BSE.

In a separate filing with bourses, GMR said that Kiran Kumar Grandhi, the managing director of GMR Infrastructure, has been re-designated as 'Managing Director and CEO' without any change in terms of his appointment.